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EUR/USD and GBP/USD Forecast May 30, 2018

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The EUR/USD pair fell rather significantly during the day on Tuesday again, reaching towards the 1.15 level below. That’s an area that is significant, and we have now wiped out the entirety of the bullish move that started in October 2017. Concerns with the Italian political scene and of course the bond markets continue to weigh upon the Euro, and although we did bounce a little bit during the day, it looks very likely that we will make another attempt at the 1.15 level. To say the least, we are oversold, and as you can see on the chart I have a yellow ellipse drawn. That is where the 50 day and 200-day simple moving averages are getting ready to cross, known as the “death cross.” This is a very negative sign, so I think if we break down below the 1.15 handle, this market could unwind rather rapidly due to algorithmic trading. In the short term, I would anticipate some type of bounce though, as we are so oversold. I am not willing to buy this market. for more analysis: http://www.dailyforex.com
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